Developer Stanhope and its partner Schroders have secured approval from the London Borough of Croydon in the UK for the first phase of a £500m redevelopment of Ruskin Square.
Phase one of the development will include a 22-storey building featuring 161 new flats.
The building will feature penthouses, a roof garden and private communal open space at ground level.
The 2 million ft² Ruskin Square masterplan will be developed on a 3.6ha site adjacent to East Croydon railway station.
Schroders fund director Ian Mason said preparatory works for construction will start on site soon.
"We want to ensure that there is animation and activity on this important site, together with the new bridge at East Croydon Station, so that Ruskin Square fulfils its role as Croydon’s Gateway," Mason added.
"With other positive developments in planning and development in the town, this is great news for the regeneration of Croydon."
Architecture firm Foster + Partners designed the master plan for the development while Allford Hall Monaghan Morris (AHMM) is designing the residential elements.
After completion, the development will feature 1 million ft² of office space and 550 homes.
The scheme will also feature 34 affordable homes, which will be developed and managed by the UK-based property management firm Places for People.
Image: The first phase of the Ruskin Square development will feature a 22-storey building. Photo: Allford Hall Monaghan Morris.